SAN MARCOS, CA — (January 10, 2017) Palomar College received top grades regarding its most recent financial audits, which were presented at the Palomar College Governing Board Meeting on January 10, 2017. The District received a “clean, unmodified opinion with no findings,” the highest grade that can be attained, according to Vavrinek, Trine, Day & Co., LLP, Certified Public Accountants. “The District should be proud of its accomplishments, an unmodified opinion with no findings is very rare.”
“This achievement reflects the college’s commitment to exemplary fiscal management,” stated Palomar College Superintendent/President Dr. Joi Lin Blake.
In addition to the general financial audit, Vavrink, Trine, Day & Co., LLP also performed an audit on Proposition M resulting in a Financial Audit Report and Performance Audit Report. According to Heidi White from Vavrink, Trine, Day & Co., who presented to the Governing Board, the Proposition M audit also received an unmodified opinion with no findings.
“An ‘unqualified’ opinion is the best type of audit report to be issued from an external auditor, indicating no deficiencies in internal control or compliance,” stated Ron Perez, Palomar’s Vice President, Finance and Administrative Services. “Next month we are going out for our last series of bonds for Proposition M and this audit will have a positive effect on our credit rating. We are proud of these audit reports which could not have been possible without the leadership of the District’s Fiscal Director, Carmen Coniglio and the hard work of all of the fiscal staff.”
The Annual Financial Report presented to the Governing Board is available on the College’s website at: http://www.palomar.edu/fiscalservices/wp-content/uploads/sites/275/2016/01/Palomar-CCD-Final-Annual-Audit-Report-2016.pdf. The Proposition M Report is available on the College’s website at: http://www.palomar.edu/fiscalservices/wp-content/uploads/sites/275/2016/01/Palomar-CCD-Bond-Final-Report-Prop-M-2016.pdf.
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Laura Gropen, Director, Public Affairs, 760-744-1150 x2152
Melinda Finn, Public Affairs, 760-744-1150 x2365